Construction and infrastructure group Balfour Beatty to build 1,500 homes on
Olympics site in £400m deal

Construction and infrastructure group Balfour Beatty has moved in to property development with an agreement to build and help finance 1,500 homes at the London Olympics venue as part of the redevelopment of the site.

The FTSE 250 business will put up to £35m of equity into the project – half of the total required – over eight years and the company’s construction arm will do all the building work, which is expected to generate £400m in revenue.

“This market is growing and offers significant opportunities for the group in the coming years.”

Boris Johnson, Mayor of London, said: “This is the most successful and fastest growing city anywhere in Europe, and it is absolutely vital we provide thousands of new houses to allow people to live close to their places of work.

“I am thrilled to confirm we have now appointed high quality developers to help bring forward plans for these important new neighbourhoods on our iconic Queen Elizabeth Olympic Park, a whopping six years ahead of target.”

David Cowans, chief executive at Places for People, said: “This is East London’s moment and it’s our big moment too. With our partner, Balfour Beatty, we have the perfect opportunity to work with London Legacy Development Corporation to create a truly unique and exciting place to live.

“This is exactly what Places for People is about, making great places and ensuring that the true legacy of 2012 lives on by creating opportunities for the existing communities around the park to share in its success.”